Welcome to the October edition of the Xapo Bank Member Newsletter.
BTC Market Update
Mid-September delivered two blows in two days: the Senate rejected the CLARITY Act on the 15th, and the Federal Reserve raised rates for the first time in three years on the 16th. Bitcoin dipped to around $75.5K, and ETF investors pulled $450M in net outflows on the day of the Senate vote alone, the worst single day of outflows since June.
However, the recovery came fast. With the hike already priced in, buyers returned within days, and on 21 September, the US spot Bitcoin ETFs took in almost $1 billion, their largest daily inflow since October 2025, when Bitcoin claimed its most recent all-time high (ATH). Bitcoin peaked above $86K in late September before consolidating through the final week, closing the month around $83.5K, up roughly 6%.
BTC:USD, 1D (Coinbase). Accessed 01.10.26.
In many ways, the ETFs mirrored the wider market for the month. They also experienced a weak start, before recording seven straight days of inflows in late September, including that near-$1 billion day on 21 September. The month closed with $2.65B in net inflows, with roughly 90% of that arriving in just six sessions between 21 and 28 September. This was also enough to flip 2026 net flows into positive territory.
BTC Spot ETF Net Flows, 1M (SoSoValue). Accessed 01.10.26.
Our data
Activity on our platform cooled in September. BTC trading volume came in around 24% below August, while remaining well above July's lows.
Xapo Member BTC Trading Volume, YTD
Flow direction changed as well. Having been net buyers through July and August, members turned net sellers in September as the price approached resistance in the mid-$80,000s.
Xapo Member Net Buys/Sells, YTD
Our view
Historically, September has been a difficult month for Bitcoin’s price, recording negative returns every year from 2017 to 2022. However, something has changed of late. Since 2023, September has been a green month, and this trend now includes 2026, with returns of +6.33%.
Now, all eyes are on the much-coveted ‘Uptober’ to fall back in line with Bitcoin’s historic price trends. Since 2013, October has been BTC’s strongest period of the year, posting just three red months, and acting as a key part of a traditionally bullish quarter for the asset. In fact, Coinglass data (below) shows that, on average, Bitcoin’s price has finished October 18.7% up.
With market sentiment skewing positive once again, and optimism about ‘Uptober’, we’re headed for an enthralling start to Q4.
Bitcoin Monthly returns(%) (Coinglass). Accessed 05.10.26.
Xapo Bank Highlights:
USD Savings now pays 4.1%
Your USD Savings rate has increased. Your dollar balance now earns 4.1% APY (variable), up from 3.35%, with interest paid daily in BTC. If you have stablecoins or fiat sitting elsewhere, it’s a simple way to put them to work, growing your Bitcoin position without buying more. The base rate applies to your entire balance, with no lock-ups or minimum terms.
The base rate applies to your entire balance, with no lock-ups or minimum terms. Stablecoins, GBP, and EUR arrive as USD, and start earning once deposited to Savings. Eligible fiat remains protected under the Gibraltar Deposit Guarantee Scheme (GDGS) up to the USD equivalent of £120,000.
Enhanced payment transparency
Follow every transfer in real time with our redesigned transaction statuses for fiat and crypto. If a SEPA Instant payment needs to go via standard SEPA, you'll know straight away, with an updated delivery time. And Swift transfers are now available to members in every country we serve.
Card updates
The Xapo Card is now available to additional regions across East Asia. Our 3% cashback on all taxi rides has been extended to 31 October 2026. And you'll now get a push notification whenever an authorised amount changes, a transaction is cancelled, or a merchant issues a refund. Make sure push notifications are enabled in the Security section of the app to stay in the loop.
ASST and SATA now available in-app
The two most requested assets, ASST and SATA, are both now listed in the Trade hub. ASST is the ticker for the asset management and Bitcoin treasury company, Strive Inc. SATA is the ticker for the Strive Variable-Rate Series A Perpetual Preferred Stock. ASST is Strive’s common stock, whereas SATA is designed to pay regular dividends, is backed by the Bitcoin treasury, and ranks ahead of common stock.
Refer a friend
Our new referral program is now live worldwide, including the UK. When a friend you refer becomes a paid member and stays for 33 days, you both receive $500, paid in Bitcoin (or in USD for UK members), with no limit on referrals. Get your referral code.
Your belief, stitched into Villa Park
Our partnership with Aston Villa is built for the long game, and so is this. From 10 October to 10 November, vote for your four favourite fan quotes and be entered into a random prize draw. One lucky participant will win two VIP tickets to the reveal, and another will take home a 26/27 shirt signed by the men's team.
The four most popular quotes will be stitched into the players' headrests at Villa Park and unveiled at the Villa vs Crystal Palace home game on 5 December 2026. Vote now. Terms and conditions apply.
Bitcoin Headlines:
The Senate says no to CLARITY
After more than a year of lobbying, the CLARITY Act, the bill that would have set comprehensive rules for how crypto is regulated in the US, was defeated in the Senate on 15 September, falling to a 49-50 vote when it needed 60 to advance. Rules for the industry will now be shaped by regulators rather than Congress for the foreseeable future. Read more at CNBC
The Fed raised rates for the first time in three years
A day after the CLARITY vote, the Federal Reserve lifted rates by a quarter point, its first increase since 2023, and signalled one more could come by year-end. The move was so widely expected that Bitcoin barely flinched, holding near $76,000 on the day. Read more at CoinDesk
Europe's central bank starts settling tokenised assets
The European Central Bank deployed Pontes, a new platform connecting blockchain-based market infrastructure directly to its payment rails, allowing tokenised assets to settle in central-bank money for the first time. Read more at Euronews
Meet The Team:
October
Fasanara - The Digital Asset Conference
Date: 19 – 20 October
Location: London
Xapo Attendees: Joey Garcia, Matthew McPhee, Pablo Magro, Rozita Terlixidou
Date: 30 – 31 October
Location: Buenos Aires
Xapo Attendees: Pablo Magro, Mariana Methol
Recommended Reading:
3 Ways to accumulate Bitcoin without buying it
Most people only ever buy their Bitcoin. A look at three other routes to stack sats, from mining at home to routing Lightning payments and earning yield in BTC, and an exploration of what each one costs, pays, and demands of you.
Xapo Bank + Glassnode: Generating yield on Bitcoin
Our joint research with on-chain analytics firm Glassnode maps the main routes institutions use to earn a return on Bitcoin, from lending to futures, options, and on-chain strategies, and weighs what each has historically returned against the risks and trade-offs it carries. The full report is available to professional and institutional investors only.
